George Osborne needs a miracle after UKs national debt soars to £1.457 TRILLION Dec 19, 2014 22:58 By Ben Glaze The debt has soared by £89.7billion in just 12 months - despite the Chancellors pledge to balance the books by next year 4869 Shares Share Tweet +1 Email George OsborneNot adding up: Chancellor George Osborne delivers his Autumn Statement to MPs in the House of Commons George Osborne has been left praying for a Christmas miracle after the national debt hit £1.457trillion – despite his pledge to balance the books by next year. The deficit has soared by £89.7billion in just 12 months, according to the Office for National Statistics. Labour said the figures proved the Chancellor was failing to fix public finances despite economic growth. The Conservatives promised to eliminate the budget’s day-to-day spending deficit by 2015. They have failed to hit the target despite a VAT increase and barrage of welfare cuts. Two months ago, PM David Cameron announced £7billion of unfunded tax cuts if the Tories win another term. Chris Leslie, Shadow Chief Secretary to the Treasury, said: “George Osborne is failing on the deficit. He will break his promise to balance the books by next year.” He added: “The Tories are refusing to ask those with the broadest shoulders to make a greater contribution.”
Posted on: Sun, 21 Dec 2014 11:22:42 +0000
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